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Waste2Tricity, which intends to use AFC Energy’s fuel cell technology for its system converting municipal waste to energy, has signed a joint venture agreement with Thornton New Energy.
The plan is to use the technology to convert coal into electricity through a combination of fuel cells and underground coal gasification.
TNE has the first UK licence to carry out UCG and develop deep, previously unmineable coal reserves under the Firth of Forth, Scotland. Waste2Tricity’s use of AFC’s fuel cells will ensure a higher efficiency conversion of the coal to energy.
Professor Ian Arbon has become chairman of Waste2Tricity. If Waste2Tricity raises funding for its operations then it will pay AFC an initial licence fee of £1m.
Shares in AFC rose 0.5p to 8.75p each, which values the fuel cell products developer at £11.2m. The share price is five times the level it was six months ago.
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